diff --git a/charts/ingress-nginx/README.md b/charts/ingress-nginx/README.md
index b0aef6678a..a78d4d907c 100644
--- a/charts/ingress-nginx/README.md
+++ b/charts/ingress-nginx/README.md
@@ -401,6 +401,7 @@ Kubernetes: `>=1.19.0-0`
 | controller.service.ipFamilies | list | `["IPv4"]` | List of IP families (e.g. IPv4, IPv6) assigned to the service. This field is usually assigned automatically based on cluster configuration and the ipFamilyPolicy field. |
 | controller.service.ipFamilyPolicy | string | `"SingleStack"` | Represents the dual-stack-ness requested or required by this Service. Possible values are SingleStack, PreferDualStack or RequireDualStack. The ipFamilies and clusterIPs fields depend on the value of this field. |
 | controller.service.labels | object | `{}` |  |
+| controller.service.loadBalancerIP | string | `""` | Used by cloud providers to connect the resulting `LoadBalancer` to a pre-existing static IP according to https://kubernetes.io/docs/concepts/services-networking/service/#loadbalancer |
 | controller.service.loadBalancerSourceRanges | list | `[]` |  |
 | controller.service.nodePorts.http | string | `""` |  |
 | controller.service.nodePorts.https | string | `""` |  |
diff --git a/charts/ingress-nginx/values.yaml b/charts/ingress-nginx/values.yaml
index e6e21e1ad8..1a45f734ae 100644
--- a/charts/ingress-nginx/values.yaml
+++ b/charts/ingress-nginx/values.yaml
@@ -460,7 +460,8 @@ controller:
     ##
     externalIPs: []
 
-    # loadBalancerIP: ""
+    # -- Used by cloud providers to connect the resulting `LoadBalancer` to a pre-existing static IP according to https://kubernetes.io/docs/concepts/services-networking/service/#loadbalancer
+    loadBalancerIP: ""
     loadBalancerSourceRanges: []
 
     enableHttp: true